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Alternative Assets  + Real Estate  |  November 29, 2023
First Citizens Bank Arranges $99.3M JV for Medical Office Properties
Joe Palmisano
By: Joe Palmisano

First Citizens Bank Arranges $99.3M JV for Medical Office Properties

First Citizens Bank’s healthcare finance unit arranged two transactions totaling $99.3 million with joint ventures managed by Kayne Anderson Real Estate and Remedy Medical Properties.

One joint venture obtained $75 million in loan financing for the purchase of a surgical hospital, Baylor Scott & White Medical Center in Frisco, TX. Frisco Medical Center has a full lease on the property.

Another joint venture received $24.3 million in loan proceeds for the refinancing of two Mississippi medical office buildings. GI Associates & Endoscopy Center is the sole tenant of both locations.

“Kayne Anderson Real Estate and Remedy Medical Properties are well-known as leading investors in medical office buildings and other specialty real estate,” said William Douglass, managing director and group head for First Citizens Bank’s healthcare finance business.

First Citizens Healthcare Finance provides financing and banking solutions to middle market healthcare companies across the U.S.

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First Citizens Bank

About Joe Palmisano

Joe Palmisano is editorial director of Connect Money, where he oversees daily coverage of alternative assets, direct investments, financial advisory and the economy. He brings three decades of experience as a financial journalist, analyst and portfolio manager. Before joining Connect Money, Palmisano wrote for The Wall Street Journal, covering foreign exchange, global fixed-income and equity markets. He later served as a senior research analyst and portfolio manager, producing market analysis and managing foreign exchange and U.S. equity portfolios for FX Concepts. His work has also appeared in SFO Magazine and CMT Association publications. Palmisano earned a bachelor’s degree in finance from The American University and holds the Chartered Market Technician (CMT) designation and is a member of the CFA Institute.
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